[Federal Register: November 16, 2007 (Volume 72, Number 221)]
[Notices]
[Page 64645]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16no07-78]
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FEDERAL RESERVE SYSTEM
Agency Information Ccollection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
SUMMARY: Background. Notice is hereby given of the final approval of
proposed information collections by the Board of Governors of the
Federal Reserve System (Board) under OMB delegated authority, as per 5
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the
Public). Board-approved collections of information are incorporated
into the official OMB inventory of currently approved collections of
information. Copies of the Paperwork Reduction Act Submission,
supporting statements and approved collection of information
instrument(s) are placed into OMB's public docket files. The Federal
Reserve may not conduct or sponsor, and the respondent is not required
to respond to, an information collection that has been extended,
revised, or implemented on or after October 1, 1995, unless it displays
a currently valid OMB control number.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer --Michelle Shore--Division of Research and Statistics, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829); OMB Desk Officer--Alexander T. Hunt--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10235, Washington, DC 20503.
Final approval under OMB delegated authority of the extension for three
years, without revision, of the following report:
Report title: Disclosure Requirements Associated with Regulation V
Agency form number: Reg V
OMB control number: 7100-0308\1\
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\1\ The information collections associated with the following
rulemakings: Fair Credit Reporting Affiliate Marketing Regulations
(Docket No R1203) and Identity Theft Red Flags and Address
Discrepancies under the Fair and Accurate Credit Transactions Act of
2003 (Docket No R1255), will be assigned OMB No. 7100-0308.
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Frequency: On occasion
Reporters: Financial institutions\2\
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\2\ Under section 217, the term ``financial institution'' is
defined broadly to have the same meaning as in the privacy
provisions of the Gramm-Leach-Bliley Act of 1999 (GLB Act), which
defines financial institution to mean ``any institution the business
of which is engaging in financial activities as described in section
4(k) of the Bank Holding Company Act of 1956,'' whether or not
affiliated with a bank. 15 U.S.C. 6809(3).
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Annual reporting hours: 7,500 hours
Estimated average hours per response: .25 hours
Number of respondents: 30,000
General description of report: This information collection is
mandatory (15 U.S.C. Sec. 1681s-2(a)(7)). Because the records are
maintained at state member banks and the notices are not provided to
the Federal Reserve, no issue of confidentiality arises under the
Freedom of Information Act.
Abstract: Financial institutions that (1) extend credit and
regularly and in the ordinary course of business furnish information to
a nationwide consumer reporting agency, and (2) furnish negative
information to such an agency regarding credit extended to a customer
must provide a clear and conspicuous notice to the customer, in
writing, about furnishing this negative information.
Current Actions: On September 6, 2007, the Federal Reserve
published a notice in the Federal Register (72 FR 51228) requesting
public comment for sixty days on the extension, without revision, of
these disclosure requirements; the comment period expired on November
5, 2007. The Federal Reserve did not receive any comments.
Board of Governors of the Federal Reserve System, November 13,
2007.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E7-22454 Filed 11-15-07; 8:45 am]
BILLING CODE 6210-01-S